- posted: Mar. 13, 2025
- Divorce
In Florida, the division of marital property during a divorce is governed by the state's equitable distribution law. This means an equal division of the assets and debts acquired during the marriage, including the marital home. In rare circumstances, a court may find justification for an unequal distribution based on the economic circumstances of each spouse, the duration of the marriage and each spouse's contributions to the marriage, among other relevant factors.
When it comes to the marital home — often one of the largest assets in a marriage — the distribution process can be complicated by family considerations. Florida’s equitable distribution statute allows a judge to take into account the desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party, under appropriate circumstances. This can determine which parent can be entitled to the home, at least for a temporary period of time.
There are three basic scenarios for dividing the home, each with advantages and disadvantages:
Sale — The most common approach is the outright sale of the home, with the net sale proceeds being divided between the spouses. This method is straightforward and provides each spouse with immediate liquidity. However, the economic benefits depend in part on the real estate market as well as the amount of mortgage debt versus equity in the property. There may also be capital gains tax exposure, depending on the home’s value.
Buyout — One spouse buying out the other's interest in the property can be a good option if a spouse has a strong emotional attachment to the home or if there are minor children who would benefit from the stability and continuity the home provides. However, the buying spouse must have the financial capacity to manage the home's costs and the buyout sum. An alternative to a cash buyout is the allocation of other marital property to the selling spouse.
Deferred sale — The sale of the home may be postponed until a specific event occurs, such as the children reaching adulthood. This scenario can minimize disruption for children but requires a high degree of cooperation between the spouses, as they may need to manage the home's expenses and maintenance jointly for an extended period.
If the home is sold, a judge may consider whether either spouse should receive credits or setoffs. Florida Statutes 61.077 sets forth several factors influencing this decision, including the enhancement in value and appreciation of non-marital assets, the depletion of marital assets for non-marital purposes, and whether one spouse has intentionally wasted, depleted, or destroyed marital assets.
Due to the complexity of these considerations and the significant financial stakes involved, the guidance of a knowledgeable Florida divorce lawyer is indispensable. An experienced lawyer can help interpret how the law applies to your specific circumstances, negotiate on your behalf and ensure that your legal rights are protected throughout the process.
If you are dealing with the division of a marital home or other property in a divorce, consider contacting Palma Family Law, P.A. in Tampa. Feel free to call our office at 813-258-3211 or you can conveniently and expeditiously book your appointment online.
- posted: Mar. 13, 2025
- Divorce
In Florida, the division of marital property during a divorce is governed by the state's equitable distribution law. This means an equal division of the assets and debts acquired during the marriage, including the marital home. In rare circumstances, a court may find justification for an unequal distribution based on the economic circumstances of each spouse, the duration of the marriage and each spouse's contributions to the marriage, among other relevant factors.
When it comes to the marital home — often one of the largest assets in a marriage — the distribution process can be complicated by family considerations. Florida’s equitable distribution statute allows a judge to take into account the desirability of retaining the marital home as a residence for any dependent child of the marriage, or any other party, under appropriate circumstances. This can determine which parent can be entitled to the home, at least for a temporary period of time.
There are three basic scenarios for dividing the home, each with advantages and disadvantages:
Sale — The most common approach is the outright sale of the home, with the net sale proceeds being divided between the spouses. This method is straightforward and provides each spouse with immediate liquidity. However, the economic benefits depend in part on the real estate market as well as the amount of mortgage debt versus equity in the property. There may also be capital gains tax exposure, depending on the home’s value.
Buyout — One spouse buying out the other's interest in the property can be a good option if a spouse has a strong emotional attachment to the home or if there are minor children who would benefit from the stability and continuity the home provides. However, the buying spouse must have the financial capacity to manage the home's costs and the buyout sum. An alternative to a cash buyout is the allocation of other marital property to the selling spouse.
Deferred sale — The sale of the home may be postponed until a specific event occurs, such as the children reaching adulthood. This scenario can minimize disruption for children but requires a high degree of cooperation between the spouses, as they may need to manage the home's expenses and maintenance jointly for an extended period.
If the home is sold, a judge may consider whether either spouse should receive credits or setoffs. Florida Statutes 61.077 sets forth several factors influencing this decision, including the enhancement in value and appreciation of non-marital assets, the depletion of marital assets for non-marital purposes, and whether one spouse has intentionally wasted, depleted, or destroyed marital assets.
Due to the complexity of these considerations and the significant financial stakes involved, the guidance of a knowledgeable Florida divorce lawyer is indispensable. An experienced lawyer can help interpret how the law applies to your specific circumstances, negotiate on your behalf and ensure that your legal rights are protected throughout the process.
If you are dealing with the division of a marital home or other property in a divorce, consider contacting Palma Family Law, P.A. in Tampa. Feel free to call our office at 813-258-3211 or you can conveniently and expeditiously book your appointment online.
